Download Minnesota Life Insurance Regulations: Questions and Answers and more Exams Insurance law in PDF only on Docsity!
Rules and Regulation MN Life Insurance
Questions and Answers Already Passed
A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? ✔✔Rebate
All of the producers (except those who only transact credit insurance) must complete at least, how many hours of approved education course during 24 month licensing period? ✔✔30hours
If an insurer employee unlicensed producer, the commissioner can asses of following penalty? ✔✔$25 for each policy sold by unlicensed producer ($300 maximum Penalty per producer)
The commissioner of commerce is? ✔✔Appointed by Governor
All the following statement's pertaining to fair credit reporting act are correct, except ✔✔The fair credit repot is a state law that helps assure accurate reporting information about customer
All producers' financial record must maintained for at least ✔✔6years
All following types of product by producer are considered unethical, except ✔✔Readjusting group premium rate's base on current year's or expense
An insurance producer can be suspended or revoked from client for all of the following, except ✔✔Being charged with a misdemeanor not involving moral turpitude (immorality)
An insurance must keep record of the all fund received from client at least, How many years? ✔✔6years
Who beside the states regulates the sale of variable if insurance and insurance annuities? ✔✔security and change commission
Propert licensed agent legally represent? ✔✔Insurer
To qualify producer license, an applicant must ✔✔Pass the state exam
If nonresident producer license is terminated in his or her state of resident, the...? ✔✔The producer's license is terminated automatically in MN
Typically, within how many days must an applicant be notified the creditor report has been request by insurer? ✔✔3days
Which of the following statements regarding resident and nonresident license is CORRECT? ✔✔Person holding license in MN and also can hold license with good standing in their home state
How many hours relicensing education must applicants for pourer license complete? ✔✔45hours
What did the passed of the McCarren- Ferguson Act with accomplish with respect to regulation of the insurance industry? ✔✔Assured continued State regulation of insurance
All of the following about accelerated benefits provisions are correct, EXCEPT? ✔✔The money recieved as an accelerated benefit must be used to pay medical expenses
How often must the commissioner examine the book and the domestic insurer? ✔✔At least once every 5years
Assured Insurance company deals direct wit insurance and does not have any agents assured in a/an ✔✔Direct writer
Except for mass-marketed life insurance, individuals life insurance policies, CAN NOT be issued to anyone over, what age? ✔✔60years old
An insurance producer license can be voluntarily for all of the following, EXCEPT? ✔✔The insurance appointing the agent request it
All of the following the Agent Act would violate MN insurance law EXCEPT? ✔✔Changing healthy 30year old a lower life insurance premium than a diabetic 60year old
All of the following are duties of the commission, EXCEPT ✔✔Writing insurance laws
If insurance producer's license is revoked, he must wait at least how many years beggar applying for a new license? ✔✔2years
All accident and health insurance polices must be filed with commissioner at least how long before they can be used? ✔✔60days
Which of the following types of agent authority is specially set forth in writing in the agent's contract? ✔✔express
The following commission may suspend and insurance producer for committing all of the following acts except ✔✔being charged of the traffic violation
All of the following must have certificate of authority or licensed to conduct insurance business in MN except? ✔✔Anyone who works as employees of a creditor who are enroll debts for the life or accident or health insurance and RECEIVES NO COMMISSION
Morris license agent, his principal is the ✔✔Insurer
National association of insurance commissioner does not? ✔✔Prosecute and punish criminal violator in the insurance industry
The state guaranty association assures policy owner that ✔✔Their claim will be paid if insurer becomes insolvent
All of he following are prohibits acts except ✔✔refunding all the premium to a policy holder who decided to return his or her policy after 1 week
The commissioner have power to take all the following actions except ✔✔enact laws affecting the insurance business
who the license insurance agent represents in an insurance transaction is ✔✔the insurer
All of the following acts by an insurance producer would be violation of MN insurance law except ✔✔assuring an insured that his/her group certificate could be converted to an individual policy if terminated
All of the following are prohibited life insurance sell practices except ✔✔paying equable bonuses to participating insurance policies holders our of divisible surplus
